| U.S. crude prices fell 4 percent on Wednesday, posting their biggest daily drop since April after oil stockpiles in the United States rose for the first time in more than two months. The selloff was a jolt to crude traders and investors who have seen U.S. prices in fairly tight trading ranges over the past 10 weeks versus sharper moves down in European oil.
But many were not counting yet on a sustained break lower, pointing to the summer demand for oil in the United States, which seasonally supports prices through August. "I don't think the transition to another price freefall will happen as quickly this time," said Scott Shelton, a commodities specialist, who also trades energy, for broker ICAP in Durham, North Carolina. "I see a slower grind lower and I don't think this the tipping point."..............................................Full Article: Source
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